THE NOON UPDATE

Markets have recovered much of the morning red withthe NAZ and tech leading the way. When was the last time INTC was up 85 cents in one morning? AMGN a pick for 2007, is up almost $2 after lagging most of 2006. Interesting how 2 big losers of 2006, HHH and SMH are trading very well today. Mean reversion?

The NDX is +22 with about 75 winners and 25 losers. The SPX has also improved to 230 green of the 500 but way behind the NDX as the NAZ over SPX trade starts.

Overall market internals are red 500 on the NYSE and red 175 on the NAZ.

Checking the sectors, semis, biotech, internets, drugs and tech leads while oils homnies, metal equities, brokers, small caps and financials lag.

GOOG KLAC and AAPL continue to trade while GS continues in the red and MS trades flat.

Interesting how quickly fear has left and the VIX/VXO combo has flipped to green.

Roger has Byron's predictions for 2007 and if is half right the owner of this blog will have a big year. OIL /GOLD. And Jimmy is looking for $120 calls on OIH and he suspects like me that private equity and M and A will help take the prices back up.

On a trading note, IMVHO, the DJIA Futures may get some jig this afternoon if they can crawl above the 12,550 pivot level which is about the flat line for the day.